22800 IS NEXT UPSIDE TARGET; 22200 IMPORTANT IMMEDIATE SUPPORT

 

22800 IS NEXT UPSIDE TARGET; 22200 IMPORTANT IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices gained 0.8%-1.2% as markets cheered a stronger-than-expected jobs report and looked past a jump in rates.

 

Nonfarm payrolls grew by 303,000 in March, far above expectations for an increase of 200,000 and higher than the downwardly revised 270,000 gain in February. The unemployment rate came out at 3.8%, as expected. Wages rose 0.3% for the month and 4.1% from a year ago, both in line with estimates.

 

U.S. 10-year treasury yield jumped 9 bps to 4.404%. Dollar index inched up 0.1% to 104.29. Gold soared 1.8% to $2330 per ounce.

 

WTI crude futures rose 0.4% to $86.91 a barrel while the Brent futures gained 0.6% to $91.17 a barrel.

 

European markets fell 0.8%-1.6%.

 

For the week, Dow slid 2.27%, posting its worst weekly performance in 2024. The S&P 500 declined 1% during the period, while the Nasdaq lost 0.8%. U.S. crude is up 4.5% for the week while the global benchmark has added 4.2%. Gold rose over 4% this week and logged a third straight weekly gain.

 

AT HOME

 

Benchmark indices ended flat after trading in a narrow range. Sensex settled at 74248, up 20 points while Nifty fell 1 point to finish at 22513. Nifty mid-cap and small-cap indices climbed 0.6% and 0.8% respectively, extending the winning streak to 10th and 11th straight session respectively. Nifty Realty index climbed 1.4%, becoming top gainer among the sectoral indices, followed by 0.9% higher Bank and Financial Services indices.

 

FIIs net bought stocks worth Rs 1659 cr but net sold index futures and stock futures worth Rs 220 cr and 5114 cr respectively. DIIs were net sellers to the tune of Rs 3370 cr.

 

Rupee appreciated 14 paise to end at 83.30/$.

 

For the week, Sensex and Nifty gained 0.8% each, extending the winning streak to third consecutive week and hitting fresh record highs.

 

OUTLOOK

 

Today morning, Nikkei is up 1.6% while Hang Seng and Shanghai are down 0.2% and 0.5% respectively. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In Friday's report we had said that 22750, continued to be next upside level to eye while 22200, around which 20 and 34-DMAs are placed, continued to be a decent stop-loss for trading longs.

 

Nifty ended flat at 22514 and is set to open near 22600 today.

 

22800, around which upper end of a rising channel formation is placed, is the next upside level to eye; 20 and 34-DMA both are placed around 22200 making it an important immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48636, the all-time high made on 28th December, is the immediate upside target, upon crossover of which, 50500, would be next major target to eye. 47800-47700 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

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